One-time items lift Dow Chemical’s profit
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MIDLAND, Mich. (AP) — Dow Chemical said Thursday that revenue slid in the third quarter and the company that makes the basic ingredients for everything from toys to cars is not counting on better conditions this year or next.
Dow says profit grew to $711 million, or 63 cents per share, compared with $428 million, or 46 cents per share a year ago. Excluding one-time benefits and losses, Dow earned 24 cents per share. Revenue fell 22 percent, to $12 billion from $15.4 billion.
The company is attempting to shift much of its production to specialty chemicals to soften volatility inherent in industrial chemicals sales.
The company has sold billions in assets, cut thousands of jobs and slashed costs, and Dow saw a sharp increase in net income over the past three months as raw materials costs fell.
Andrew Liveris, Dow’s chairman and CEO, said the global economy was on a firmer footing, and described the recovery at home as “slow and tenuous.”
The recovery right now, however, is being driven by sales in Asia, especially China, Dow said.
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